证券研究报告 公 2024年04月03日 司 报 告 中国交建(601800) │ 行 业： 建筑装饰/基础建设 公 投资评级： 买入（维持） 司 当前价格： 8.87元 年 利润率与经营现金流大幅改善 目标价格： 14.28元 报 点 公司公告 2023 年年报，23fy 公司收入 7,587 亿，yoy+5%，归母净利 238 评 亿，yoy+24%，扣非归母净利 217 亿，yoy+58%；单 23q4 收入 2,110 亿， 基本数据 yoy+17%，归母净利76亿，yoy+121%，扣非归母净利64亿，yoy+434%。业 总股本/流通股本(百万股) 16,280.11/4,418.4 8 绩增长超预期。 流通A股市值(百万元) 104,197.98 ➢ 海外收入快速增长 每股净资产(元) 16.40 分业务，23fy基建建设/基建设计/疏浚收入6,659/473/534亿，yoy+5%/- 6%/+5%。基建建设及疏浚业务稳步增长，基建设计延续承压。分区域，23fy 资产负债率(%) 72.74 境内外收入分别为6,425/1,162亿，分别yoy+3%/18%，境外收入快速增长。 一年内最高/最 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company achieved a revenue of 758.68 billion yuan in 2023, representing a year-on-year growth of 5.1%. The net profit attributable to the parent company was 23.81 billion yuan, up 23.6% year-on-year, with a non-recurring net profit of 21.66 billion yuan, increasing by 58.18% year-on-year [4][5]. - The company expects a new contract signing growth of no less than 13.5% and a revenue growth of no less than 8.2% for 2024 [5]. - The company is a leading global provider of large-scale infrastructure services, focusing on overseas expansion, with significant growth in new contracts signed abroad [5]. Summary by Sections Financial Performance - In Q4 2023, the company saw a significant improvement in revenue, profit, and cash flow. The revenue from infrastructure construction, dredging, and other businesses showed stable growth [4]. - The revenue breakdown by business segments includes 666.87 billion yuan from infrastructure construction, 47.26 billion yuan from design, 53.44 billion yuan from dredging, and 19.27 billion yuan from other businesses, with respective year-on-year growth rates of 5.24%, -6.00%, 4.92%, and 6.10% [4]. - The revenue from China (excluding Hong Kong and Macau) was 642.46 billion yuan, up 3.09%, while revenue from other countries and regions was 116.21 billion yuan, up 17.78% [4]. Profitability Metrics - The gross margin for 2023 increased by 0.89 percentage points to 12.54%, with the net profit margin rising by 0.54 percentage points to 3.98% [5]. - The company reported a significant increase in operating cash flow, with a net inflow of 12.07 billion yuan, an increase of 11.63 billion yuan compared to the previous year [5]. Future Outlook - The company forecasts an EPS of 1.62 yuan for 2024 and 1.75 yuan for 2025, with a reasonable valuation range of 12.96 to 14.58 yuan based on a PE ratio of 8-9 times for 2024 [5]. - The company aims to maintain its competitive edge in the design business through restructuring and listing [5].

公司研 究 证 券研究 报 告 基建建设 2024年4月1日 中 国交建（601800）2023年报点评 推 荐 （维持） 目标价：11.1元 业绩靓丽，订单稳增，现金改善 当前价：8.62元 事项： 华创证券研究所  中国交建发布 2023 年报：公司报告期内实现营业收入 7,586.8 亿元，同比 +5.1%，归母净利润238.1亿元，同比+ 23.6%。 证券分析师：王彬鹏 评论：  营收稳增，业绩靓丽，毛利率改善。2023年公司实现营业收入7,586.8亿元， 邮箱：wangbinpeng@hcyjs.com 同比+5.1%；归母净利润 238.1 亿元，同比+23.6%；扣非归母净利润 216.6 亿 执业编号：S0360519060002 元，同比+58.2%；公司业绩增速高于营收增速，主要源于：1）公司毛利率较 证券分析师：鲁星泽 去年+0.9pct，其中基建建设和设计毛利率增长较多；2）公司税项加计扣除以 电话：021-20572575 及高新技术税收优惠增加推动所得税率同比-3.2pct；3）公司少数股东损益占 邮箱：luxingze@hcyjs.com 比21.2%，同比-1.6pct ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 10.29 CNY over the next six months [1][5]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 758.68 billion CNY, a year-on-year increase of 5.10%, and a net profit of 23.81 billion CNY, up 23.61% year-on-year [2][5]. - The company has a robust order backlog, with a total of 34,506.59 billion CNY in uncompleted contracts, which is 4.5 times its 2023 revenue, indicating strong future revenue potential [3][5]. - The overseas business has shown rapid growth, with new contracts signed amounting to 3,197.46 billion CNY, a year-on-year increase of 47.5%, contributing to 18.24% of total contracts [3][5]. Financial Performance Summary - In 2023, the company achieved a gross margin of 12.59%, an increase of 0.88 percentage points year-on-year, driven by improvements in both infrastructure construction and design business margins [2][5]. - The company’s operating cash flow significantly improved, with a net inflow of 12.07 billion CNY compared to 1.14 billion CNY in the previous year, attributed to better cash flow management and increased project collections [2][5]. - The projected revenues for 2024-2026 are 819.37 billion CNY, 876.73 billion CNY, and 938.10 billion CNY, with corresponding net profits of 25.30 billion CNY, 27.39 billion CNY, and 29.44 billion CNY, reflecting steady growth [5][6]. Valuation Metrics - The company is expected to have a dynamic PE ratio of 5.5, 5.1, and 4.8 for the years 2024, 2025, and 2026 respectively, indicating an attractive valuation [5][6]. - The projected net profit margin for 2024 is 3.1%, consistent with the previous year, while the return on equity (ROE) is expected to improve to 9.3% by 2026 [6][7].

证券研究报告 建筑装饰 报告日期：2024年03月 30日 盈利能力提升业绩超预期，提质增效资产质量持续优化 ——中国交建（601800.SH）2023 年报点评报告 华龙证券研究所 事件： 2024年3月29日，公司发布2023年年报：2023年，公司实现营 投资评级：增持（首次覆盖） 业收入 7586.76亿元，同比增长 5.1%；实现归母净利润 238.12 亿元， 最近一年走势 同比大幅增长23.61%。 观点：  盈利能力显著提升，境外业务表现亮眼，公司业绩再创新高。报告 期内，公司业务规模稳步增长，境外业务收入同比高增 17.78%， 带动公司实现营收 7586.76亿元，同增5.1%，再创新高。同时，公 司严控项目规模、聚焦项目质量，整体经营质效显著提高，毛利率 增加0.88pct，实现归母净利润238.12亿元，同比增长23.61%。年 内，因应收账款及长期应收款损失减少，公司信用减值损失68.93 亿元，同减25.34%，实现扣费归母净利216.55亿元，同增58.18%。 市场数据  投资类项目结构不断优化，现金流及估值提升空间大。报告期内， 公司加强对投资类项目管控，重点压降投资总量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in operating cash flow and strong performance in overseas business, with total revenue and net profit for 2023 reaching 758.676 billion yuan and 238.12 billion yuan, respectively, representing year-on-year growth of 5.1% and 23.6% [2][8] - The company is positioned to benefit from the "Belt and Road" initiative, with a focus on improving operational quality and maintaining a strong order backlog [2][8] Summary by Relevant Sections Financial Performance - In 2023, the company achieved total revenue of 758.676 billion yuan, with a year-on-year increase of 5.1%. The net profit attributable to shareholders was 238.12 billion yuan, up 23.6% year-on-year [2][8] - The company’s earnings per share (EPS) for 2023 was 1.46 yuan, with a projected P/E ratio of 5.89 for the same year [2][8] Business Segments - The infrastructure construction, design, and dredging segments generated revenues of 665.9 billion yuan, 47.3 billion yuan, and 53.4 billion yuan, respectively, with year-on-year changes of +5.2%, -6.0%, and +4.9% [2][8] - The overall gross margin for the company improved to 12.6%, an increase of 0.9 percentage points year-on-year [2][8] Geographic Performance - Domestic revenue was 642.5 billion yuan, a 3.1% increase, while overseas revenue reached 116.2 billion yuan, growing by 17.8% year-on-year [2][8] - The overseas business accounted for 15% of total revenue, up 1 percentage point from the previous year [2][8] Cash Flow and Investment - The company reported a net cash flow from operating activities of 12.074 billion yuan, a significant increase from 4.4 billion yuan in 2022 [2][8] - The net outflow from operating and investment activities was reduced to 43.8 billion yuan, down 2.4 billion yuan year-on-year [2][8] Order Backlog - The company signed new contracts worth 1.7532 trillion yuan in 2023, achieving 103.5% of its annual target, with overseas contracts increasing by 47.5% to 319.7 billion yuan [2][8] - As of the end of 2023, the total order backlog stood at 3.4507 trillion yuan, indicating a robust pipeline for future revenue [2][8] Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been raised to 258 billion yuan and 276 billion yuan, respectively, with a new forecast for 2026 set at 294 billion yuan [2][8] - The projected P/E ratios for 2024, 2025, and 2026 are 5.4, 5.1, and 4.8, respectively, indicating attractive valuation levels [2][8]

Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [2][19] Core Views - CCCC's 2023 annual report shows a revenue of 758.68 billion yuan, a year-on-year increase of 5.10%, and a net profit attributable to shareholders of 23.81 billion yuan, up 23.61% year-on-year [5][6] - The company signed new contracts worth 1.75 trillion yuan in 2023, a 13.68% increase year-on-year, exceeding its annual target [6][9] - The report highlights significant improvements in cash flow, with a net operating cash flow of 12.07 billion yuan, a substantial increase of 960.5% year-on-year [15] Financial Performance - Revenue and Profitability: - 2023 revenue: 758.68 billion yuan, with a quarterly revenue growth of 17.28% in Q4 [5][10] - Net profit for 2023: 23.81 billion yuan, with a Q4 net profit growth of 120.76% [5][10] - Gross margin improved to 12.59%, up 0.95 percentage points year-on-year [11] - Earnings Per Share (EPS) Forecast: - EPS for 2024, 2025, and 2026 are projected at 1.57 yuan, 1.71 yuan, and 1.84 yuan respectively, with corresponding price-to-earnings (PE) ratios of 5.5, 5.0, and 4.7 [3][19] Business Segments - New Contracts: - Infrastructure business signed contracts worth 15.58 trillion yuan, a 14.0% increase year-on-year [8] - International contracts accounted for 18.24% of new contracts, with a 47.5% year-on-year increase [6][9] - Revenue Breakdown: - Revenue from infrastructure, design, and dredging segments showed varied performance, with infrastructure growing by 5.24% [10][11] Future Outlook - The report anticipates continued growth in domestic infrastructure driven by government initiatives and international expansion under the Belt and Road Initiative [16][17] - CCCC's 2024 targets include a new contract growth rate of no less than 13.5% and revenue growth of at least 8.2% [17]

[Table_Header] 公司点评●基础建设 2024年 03 月29 日 [Table_Title] [Table_StockCode] 中国交建(601800) 扣非净利润高增长，现金流大幅改善 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [T able事_S件um：m公ar司y]发 布 2023年年报。 [龙Ta天b光le_ Authors] ：021-20252621  扣非净利润高增长，境外工程新签合同额增幅超 40%。公司 2023年实现营 业收入 7586.76 亿元，同比增长 5.10%，归母净利润 238.12 亿元，同比增长 ：longtianguang_yj@chinastock.com.cn 23.61%，扣非后归母净利润 216.55亿元，同比增长 58.18%。按业务类型分， 分析师登记编码：S0130519060004 基建建设业务、基建设计业务、疏浚业务和其他业务分别为 6658.66 亿元、 472.61亿元、534.44亿元、192.70亿元，分别同比+5.24%、-6.00%、4.92%、 6.10%。2023年，公司新签合同额为 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 758.68 billion, an increase of 5.10% compared to CNY 721.89 billion in 2022[32]. - The net profit attributable to shareholders for 2023 was CNY 23.81 billion, representing a 23.61% increase from CNY 19.26 billion in 2022[32]. - The net profit after deducting non-recurring gains and losses was CNY 21.65 billion, a significant increase of 58.18% from CNY 13.69 billion in 2022[32]. - The net cash flow from operating activities surged to CNY 12.07 billion, a remarkable increase of 960.50% compared to CNY 1.14 billion in 2022[32]. - The total assets of the company at the end of 2023 amounted to CNY 1.68 trillion, an increase of 11.05% from CNY 1.52 trillion at the end of 2022[32]. - The net assets attributable to shareholders increased to CNY 301.73 billion, reflecting a growth of 6.81% from CNY 282.50 billion at the end of 2022[32]. - Basic earnings per share for 2023 increased to CNY 1.39, a 26.36% rise compared to CNY 1.10 in 2022[34]. - The weighted average return on equity rose to 8.87% in 2023, an increase of 1.30 percentage points from 7.57% in 2022[34]. - The company reported a total operating revenue of CNY 210.97 billion in Q4 2023, with a total annual revenue of CNY 758.68 billion, marking a 13.68% increase year-on-year[44]. - The net profit for Q4 2023 was CNY 7.57 billion, contributing to a total net profit of CNY 24.73 billion for the year, compared to CNY 20.22 billion in 2022[39]. Contract and Project Management - The company reported a total of RMB 1,950.56 billion in domestic new signed contracts and RMB 135.62 billion in overseas contracts, with an expected total construction contract amount of RMB 1,501.40 billion[10]. - The new contract amount for 2024 is targeted to increase by no less than 13.5%, with a revenue growth target of no less than 8.2%[10]. - The company signed new contracts worth CNY 175.32 billion in 2023, reflecting a strong demand in infrastructure projects[44]. - The company signed new contracts worth 1,753.215 billion yuan, a year-on-year increase of 13.68%[60]. - As of December 31, 2023, the amount of uncompleted contracts in execution was CNY 3,450.659 billion[46]. - The company has signed 31 operational concession projects, with an uncompleted investment amounting to CNY 513.88 billion as of December 31, 2023[94]. - The company has established a comprehensive project management system covering the entire contract process, ensuring effective project execution and delivery[58]. Investment and Capital Management - The company aims to enhance its capital management by improving direct financing ratios and establishing a service system that integrates capital and industry, in line with the high-quality development path[6]. - The company is accelerating the development of new productive forces, focusing on key sectors such as smart transportation, high-end equipment, clean energy, and ecological protection, aiming to create specialized and innovative enterprises in strategic emerging industries[7]. - The company completed a significant equity swap involving subsidiaries, enhancing its control over the newly acquired entities[137]. - The company is actively expanding its financing channels, with a plan to issue 30 billion RMB in preferred shares, which has been approved by the State-owned Assets Supervision and Administration Commission[114]. - The company is focusing on optimizing investment structures and controlling risks, with a strategy of "controlling total amount, optimizing structure, controlling risks, and improving quality and efficiency"[90]. International Expansion and Market Presence - The company aims to enhance its international presence by focusing on key countries and regions, particularly in infrastructure projects related to the Belt and Road Initiative[10]. - The company is actively expanding its international presence, with significant projects in Bogotá, Saudi Arabia, and Nigeria underway[65]. - The company reported a total of 139 countries and regions where it operates as of December 31, 2023[60]. - The company is focusing on high-quality, sustainable development in its overseas business, aligning with the "Belt and Road" initiative[66]. - The company achieved a new contract value of $38.76 billion in countries participating in the "Belt and Road" initiative, with a cumulative total of $234.76 billion since the initiative's inception[103]. Research and Development - The company has established 12 national-level innovation platforms and 87 provincial-level innovation platforms to enhance its technological capabilities[23]. - The company has won a total of 40 National Science and Technology Progress Awards and 5 National Technology Invention Awards, showcasing its commitment to innovation[24]. - R&D expenses amounted to 27.73 billion RMB, representing 3.65% of revenue, an increase of 0.37 percentage points from the previous year[116]. - The number of R&D personnel was 17,570, accounting for 12.13% of the total workforce[140]. Environmental, Social, and Governance (ESG) - The company has a commitment to ESG principles, ranking first in the construction industry on the "China ESG Listed Companies Top 100" list[10]. - The company has established a more comprehensive ESG management system, integrating safety, technology, quality, and environmental management into the performance evaluation of senior management[9]. - The company is focusing on green and low-carbon transformation, with progress in new businesses related to energy conservation, environmental protection, and new information technology[22]. - The company is committed to green development and has signed contracts for projects like the LNG receiving station in Huizhou and the expansion of the LNG terminal in Guangxi[83]. Risk Management - The company emphasizes risk management and strategic adjustments in response to macroeconomic policies and market conditions[10]. - CCCC emphasizes the importance of risk prevention and control, aiming to optimize its financial structure and enhance compliance management[53]. - The company prioritizes safety in operations, facing risks from unsafe behaviors and conditions that could lead to accidents and financial losses[200]. - The company is facing challenges due to a decrease in local government fund revenues and a changing real estate market, which may impact sustainable development in the infrastructure sector[92].

Financial Performance - In 2023, China Communications Construction Company achieved a net profit of 263.64 billion RMB, representing a year-on-year increase of 16.3%[16]. - The company's operating revenue for 2023 reached ¥758.68 billion, a 5.10% increase from ¥721.89 billion in 2022[35]. - Net profit attributable to shareholders was ¥23.81 billion, representing a 23.61% increase from ¥19.26 billion in 2022[35]. - The net profit after deducting non-recurring gains and losses was ¥21.65 billion, up 58.18% from ¥13.69 billion in 2022[35]. - The net cash flow from operating activities was ¥12.07 billion, a significant increase of 960.50% compared to ¥1.14 billion in 2022[35]. - The company's total assets increased by 11.05% to ¥1.68 trillion from ¥1.52 trillion at the end of 2022[35]. - Basic earnings per share rose to ¥1.39, a 26.36% increase from ¥1.10 in 2022[36]. - The weighted average return on equity increased by 1.30 percentage points to 8.87% from 7.57% in 2022[36]. Contract and Project Performance - The total new contract value signed in 2023 was CNY 1,753.22 billion, up 13.68% year-on-year, exceeding the annual target by 3.53%[46]. - The company held an uncompleted contract amount of CNY 3,450.66 billion as of December 31, 2023[45]. - New contracts from overseas regions amounted to CNY 319.75 billion (approximately USD 47.53 billion), a year-on-year increase of 47.5%[45]. - The infrastructure construction business contributed CNY 1,558.48 billion to the new contracts, accounting for the majority of the total[46]. - The company signed new contracts worth 1,753.215 billion yuan, a year-on-year increase of 13.68%[52]. - The new contracts from overseas regions amounted to 319.746 billion yuan (approximately 47.526 billion USD), representing a 47.5% year-on-year growth, accounting for 18.24% of total new contracts[52]. Research and Development - The R&D investment intensity increased to 3.65%, up by 0.32 percentage points year-on-year[16]. - The company invested 27.71 billion RMB in R&D, which accounted for 3.65% of operating revenue, an increase of 0.37 percentage points from the previous year[83]. - The company operates 12 national-level innovation platforms and 87 provincial-level innovation platforms, enhancing its research and development capabilities[26]. - The company has accumulated 34,343 authorized patents, indicating a strong focus on technological advancement[27]. Strategic Goals and Future Outlook - The company aims for a compound annual growth rate of net profit of no less than 8.5% and a new contract value growth of no less than 13.5% in 2024[15]. - The company plans to focus on enhancing quality and efficiency in 2024, with a target for new contract growth not less than the overall growth rate[47]. - The company aims to significantly improve its technological innovation capabilities and modernize its industrial system in 2024[47]. - The company is committed to becoming a globally competitive, technology-driven enterprise, aligning with its vision of improving urban living and connectivity[27]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.9253 RMB per 10 shares, totaling approximately 4.76 billion RMB[4]. - The company maintained a stable dividend policy, having distributed approximately 18.8 billion RMB in dividends since its listing[13]. - The company has established a three-year shareholder return plan (2023-2025), committing to distribute at least 10% of the distributable profits to ordinary shareholders annually[198]. International Expansion and Market Presence - The company is actively expanding its international presence, with significant projects in Bogotá, Saudi Arabia, and Nigeria now underway[54]. - The company emphasizes high-quality, sustainable development in its overseas business initiatives, aligning with the "Belt and Road" strategy[55]. - The company is prioritizing international expansion, particularly in infrastructure projects related to the Belt and Road Initiative[144]. Governance and Management - The board of directors consists of 8 members, with 5 external directors, including 4 independent directors, accounting for over one-third of the board[152]. - The company has implemented a comprehensive governance structure, ensuring clear delineation of responsibilities and effective checks and balances[154]. - The total pre-tax compensation received by executives during the reporting period amounted to CNY 956.27 million[157]. Challenges and Risk Management - The company faces challenges due to reduced local government fund revenues and a downward trend in the real estate market, impacting infrastructure investment sustainability[71]. - The company is committed to safety in operations, recognizing the inherent risks in construction and production processes that could impact employee safety and brand reputation[149]. - The company acknowledges the potential impact of natural disasters and public health emergencies on its outdoor construction operations[149]. Sustainability and Environmental Focus - The company emphasizes green and low-carbon transformation, focusing on new industries such as energy conservation and new information technology[26]. - The company is committed to sustainable development, particularly in the areas of ecological restoration and resource utilization[143]. - The company aims to reduce carbon emissions by 20% over the next three years as part of its sustainability strategy[162].